The state of Illinois ranks dead last among all 50 states in financial transparency in a new Truth in Accounting report assessing how each state truthfully shared details of its financial standing.
Truth in Accounting Founder and CEO Sheila Weinberg said their Transparency Score Report evaluated each state based on such criteria as audit quality, clarity of retirement liabilities and how clearly finances are presented free of distortion. Illinois is hampered by its delays in publishing its annual Comprehensive Financial Reports, the most accurate view of a financial position.
In addition, the state’s 2022 report received a disclaimer of opinion, meaning auditors were unable to provide assurance that the financial statements were free of material misstatement. While no state received a top score of 100 for most transparent financial reporting, Weinberg argues it’s easy to see why Illinois lands where it does in the study.
Illinois Comptroller Susana Mendoza’s office has released an interim 2023 report, saying the Auditor General still has not completed the final audit.
Story from Illinois Radio Network
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